Opus Northwest siblings file for bankruptcy - Washington Business Journal:

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The former will seek to liquidate unde Chapter 7of U.S. Bankruptcy Code and the latterr intends to reorganizer underChapter 11. Thesr bankruptcies come on the heels of the April 22 bankruptcgyof , an Opus affiliater based in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationsa in that part of the country as Just two of five Opus subsidiaries remain west LLC, which is an active developetr in Portland, and Opus North LLC, which is based in Opus Northwest’s recent developments in Portland include the successful Bridgeporr Village shopping center in At one point, Opus was the ’x top choice to redevelo the Burnside Bridghead.
In recent years, the company has concentratedc onresidential projects. It recently completed construction of two large apartment projects with a total construction budgetof $150 Ladd Tower is a 332-unit projecty in downtown Portland and Park 19 is a 101-uni project in Northwest Portland. "We have have a healthgy balance sheet," said Brian Owendoff, vice president and managet forOpus Northwest's Portland operations. Opus East, baseed in Rockville, Md., filed a petition to liquidate its portfolio underChapter 7. In its filingt in U.S. Bankruptcy Court for the Districgtof Delaware, Opus East said it has betweeh 200 and 999 creditors.
It listede assets between $50 million and $100 million and liabilities between $100 million and $500 It did not identify creditors. Opus West, based in Phoenix, anticipates filing a voluntary petition of Chapter 11 bankruptcyu protection inearly July. “Declining real estate values and tight credit markets continue to impede the refinancingb of assets and restructuring oflending agreements,” said Opus CEO Mark Rauenhorsy in a statement. “Wd regret that this actioh has proven to be necessary despite the efforts of so A court-supervised process and transfedr of distressed assets will assist Opus in reorganizinv and focus on the future.
” Opus East has developed more than 13.3 millioh square feet of space sincwe 1994. Opus West has developed more than 52.7 millio n square feet since 1979. The company said Opus Northj and Opus Northwest have been less affected bythe recession, due to theif mix of project types, healthy balancde sheets and stronger Opus said its developmenft activity has fallen to just 4.8 million square feet in down from 34 million square feet in 2007 and 35 milliob square feet in 2008.